Currently dealing with amended return processing times myself - they're telling people 16-20 weeks right now, which is brutal. My 1040X was accepted in February and still shows "processing" on Where's My Amended Return. The key thing is that your mom should definitely wait until your amendment is fully processed before filing her return claiming you. If she files while yours is still processing, the IRS systems will flag it as a duplicate dependency claim and both returns could get held up for manual review. I'd recommend having your mom file an extension (Form 4868) if needed to buy more time while waiting for your amendment to go through. It's way easier than dealing with the audit letters that Andre mentioned!

Just want to add a quick tip for anyone else dealing with this - when you're filling out Part III of the 1040X (the explanation section), be as specific as possible about the dependency status change. Don't just write "correcting dependency status" - explain that you originally filed indicating no one could claim you as a dependent, but you're now amending to reflect that your parent can claim you. The IRS processors appreciate clear explanations, and it can help avoid any follow-up questions or delays. Something like: "Amending return to correct dependency status. Original return indicated taxpayer could not be claimed as dependent. Correcting to show taxpayer can be claimed as dependent by parent on parent's 2024 tax return." Also, double-check that you're using the correct standard deduction amount for dependents - it's the lesser of $1,300 or your earned income plus $400 (for 2024). This is probably the biggest number that will change on your return.

Has anyone used TurboTax Self-Employed for this situation? I'm also a teacher with some side consulting work, and wondering if it's worth paying for that version vs just the regular one.

As someone who went through this exact transition from teacher-only income to teacher + 1099 freelance work, I can't stress enough how important it is to get organized NOW rather than waiting until tax season. The quarterly payment approach is definitely the safest route, but increasing your W-4 withholding at school is much more convenient if you can swing it. I'd recommend calculating about 25-30% of your expected freelance income and having that withheld from your teaching paychecks over the remaining pay periods. Don't forget to open a separate business checking account for your freelance income and expenses - it makes tracking everything SO much easier. And start keeping a simple spreadsheet or use an app to track every business expense from day one. Even small things like office supplies, software subscriptions, and mileage add up quickly. One thing I wish someone had told me: if you're making $38-50K in freelance income, you're definitely going to owe self-employment tax (15.3%) on top of regular income tax. Make sure whatever method you choose accounts for both!

Slightly different situation but related - I got a 1099-K from PayPal for money friends sent me to split bills and rent. Completely personal transfers, not business income! Anyone know how to handle this?

I went through this exact nightmare last year with Uber and PayPal! The duplicate 1099-K situation is incredibly frustrating, especially when each company just points fingers at the other. Here's what I learned after finally getting it sorted out: You absolutely need to report both 1099-Ks on your return since the IRS gets copies of both. But the key is making sure your actual taxable income is correct on Schedule C. What worked for me was creating a simple reconciliation document that showed: - Total gross income from gigs (the real amount before any fees) - Platform fees paid to WorkGig as business expenses - How both 1099-Ks relate to the same income stream I attached this as a statement with my return explaining the situation. No issues from the IRS, and my CPA said this approach was exactly right. The most important thing is keeping detailed records showing the money flow - from the gigs through WorkGig to CashApp to your bank account. This proves it's the same money being reported twice, not separate income streams. Don't stress too much - this is becoming super common with the new reporting thresholds, and the IRS understands the situation as long as you document it properly.

Has anyone here actually gotten in trouble for NOT reporting foreign accounts? I have about $30k in my home country that I've never mentioned on US taxes because I didn't know I had to. Been a green card holder for 4 years now... am I in big trouble?

I went through something very similar when I moved from Australia to the US. Had about $18k in savings that I needed to transfer. The key thing I learned is that the transfer itself isn't taxable, but you need to be careful about reporting requirements. Since you mentioned you're a green card holder, you're considered a US resident for tax purposes, which means you have worldwide income reporting obligations. The $20k you saved in Thailand won't be taxed when you transfer it (it's already your money), but any interest it earned while you've been a US resident needs to be reported on your tax return. Also, definitely check if your Thai account balance ever exceeded $10k while you've been a US resident - if so, you'll need to file an FBAR. The deadline is April 15th but there's an automatic extension to October 15th. One more tip: consider the transfer method carefully. I used a service like Remitly instead of a bank wire and saved hundreds in fees and got a much better exchange rate. Just make sure whatever service you use provides proper documentation for the transfer in case the IRS ever asks about the source of the funds.

I went through something very similar about 6 months ago! Completely forgot about a 1099-B for some mutual fund shares I sold at a loss. I was so worried I'd get penalized, but it actually worked out in my favor. The key thing to remember is that since it's a loss, you're not trying to hide income from the IRS - you're actually entitled to a tax benefit you didn't claim. I ended up amending my return and got back an extra $240 because the loss offset some of my other income. One thing I learned is that you definitely want to amend sooner rather than later, even though you have up to 3 years. The IRS matching process will eventually catch it anyway since brokers report directly to them, so it's better to be proactive. Plus, why wait for money that's rightfully yours? The 1040-X form looks intimidating at first, but it's really just showing what you originally reported versus what it should have been. Take your time with it and don't be afraid to call the IRS practitioner priority line if you get stuck on any part of the forms.

I've been following this thread and wanted to share some additional perspective as someone who's dealt with similar situations. The consensus here is absolutely correct - you should amend your return to include the 1099-B, even for a loss. A few key points that haven't been fully emphasized: 1. **The IRS matching process is real** - Your broker sent them the same 1099-B they sent you, so eventually their computers will notice the discrepancy. It's much better to be proactive than reactive. 2. **Capital loss carryforward** - If you don't use the full $600 loss this year (after offsetting any gains you might have), the unused portion carries forward to future tax years indefinitely. So even if it doesn't help you much this year, it could offset future capital gains. 3. **Documentation is key** - When you amend, make sure to keep copies of everything and send the 1040-X via certified mail. The IRS can take 12-16 weeks to process amendments, but having that paper trail gives you peace of mind. The good news is you caught this relatively quickly after filing. Many people don't discover these oversights until they get an IRS notice months later, which creates more stress and complications. Filing the amendment now puts you in control of the situation rather than waiting for the IRS to potentially contact you about it. The extra refund you'll likely receive is just a bonus for doing the right thing!